Is car finance a good idea?

Tdh1987 · 31 Jul 2006 at 22:07

I'm not prepared to pay that much when borrowing such a small amount.

I've spoken to my parents tonight, who are willing to do nothing to help out.

I'm either going to have to wait until October and pay in full or visit my bank and see what they can offer.

Noxis · 31 Jul 2006 at 22:33

Tdh1987 said:
I'm not prepared to pay that much when borrowing such a small amount.

I've spoken to my parents tonight, who are willing to do nothing to help out.

I'm either going to have to wait until October and pay in full or visit my bank and see what they can offer.

Whats wrong with a credit card that has things like 12 months 0% on purchases? Do a credit card transfer at the end and still pay nothing

http://www.gemoney.co.uk/html/creditcard/transformation_creditcardproductpage.shtml

Tdh1987 · 31 Jul 2006 at 23:25

I think it's unlikely I'll get accepted. I applied for a Barclay initial a few days a go, but not with the intention of buying a car with it.

z0mbi3 · 31 Jul 2006 at 23:38

They'll except anyone these days. The fact that you're earning £600 a month will automatically entitle you to a certain amount, assuming you've not had any serious financial difficulties in the past.

0% credit card = best idea in thread so far.

Just get your arse in gear and apply for one, the tesco's and sainsburies cards are the best atm.

Conanius · 31 Jul 2006 at 23:43

in total honesty....

try not to.

at 19, I bought my focus, 8.5k finance deal, at 21, I got my puma, a 5k finance deal...

genuinely, the worst things ive done, id do anything to not have that money going out every month, never again will I do finance unless its SUPER special.

Spamalot · 31 Jul 2006 at 23:47

Get another student overdraft, its interest free.

Simon · 31 Jul 2006 at 23:48

SgtTupac said:
True, ive paid for all my cars cash etc. However, most people cant afford £5k on a car. So most of them have them on finance.

You most expensive car was what ? A grand?

Tdh1987 · 1 Aug 2006 at 07:57

Spamalot said:
Get another student overdraft, its interest free.

I'm pretty sure your only allowed to have one student account, and I already have one.

I'll wait to see the result of the Barclay card initial credit card that I applied for. If I get accepted for that, then I'll try for another. I'm not hugely bothered about having huge amounts of interest free credit on it as I could the balance paid of by the beginning of January.

Tdh1987 · 1 Aug 2006 at 07:59

Conanius said:
in total honesty....

try not to.

at 19, I bought my focus, 8.5k finance deal, at 21, I got my puma, a 5k finance deal...

genuinely, the worst things ive done, id do anything to not have that money going out every month, never again will I do finance unless its SUPER special.

I'm not applying for finance anywhere near that amount. £1,500 at most is all I need, I have a grand in the bank already.

Conanius · 1 Aug 2006 at 08:01

Tdh1987 said:
I'm not applying for finance anywhere near that amount. £1,500 at most is all I need, I have a grand in the bank already.

save then, honestly, you'll get pee'd off massively if you start having an outgoing you cant control

Trojan · 1 Aug 2006 at 08:11

Conanius said:
save then, honestly, you'll get pee'd off massively if you start having an outgoing you cant control

Why can't you control it, didn't you get a fixed rate? :confused:

I'm paying £90 a month for my 172, and certainly aren't annoyed by it. Sure, I could have saved up, but it would have been a couple of years until I got my car, and I wanted one now, as it were.

Tdh1987 - I'd recommend having a word with your bank to see what sort of loan they can offer you. I'd also have a look online at few places, see what you can get.

Simon · 1 Aug 2006 at 08:53

Loan > finance

z0mbi3 · 1 Aug 2006 at 09:07

Tdh1987 said:
I'm pretty sure your only allowed to have one student account, and I already have one.

I'll wait to see the result of the Barclay card initial credit card that I applied for. If I get accepted for that, then I'll try for another. I'm not hugely bothered about having huge amounts of interest free credit on it as I could the balance paid of by the beginning of January.

There you go, just be sensible and you can get a £1500 car. Use your grand you already got to keep up the monthly repayments (something stupidly low iirc) and keep saving the other £500.

Easy as pie, just don't use the credit card for much else.

Simon said:
Loan > finance

Not that I'd recomment either a loan or finance for the amount Tdh1987 is talking about, but the benefit to going finance is that you can get the gap insurance.

<Dubz> · 1 Aug 2006 at 09:25

Northern rock do mega low interest loans, 1500 quid over 12 months for 134.69 a month, which means you only pay an extra 116 on top of what you borrowed.

i sued them for a 5k loan for my Rx7, now i have my mortgage with them.

thepharcyde · 1 Aug 2006 at 19:02

<De@thW!sh> said:
Northern rock do mega low interest loans, 1500 quid over 12 months for 134.69 a month, which means you only pay an extra 116 on top of what you borrowed.

i sued them for a 5k loan for my Rx7, now i have my mortgage with them.

I have a mortgage with NR too.

teh_captain · 1 Aug 2006 at 19:24

Trojan said:
Car finance is, in my opinion, a bad idea. You don't own the car until the agreement is up, and you can run into issues if you want to sell it before then.

A bank loan however, is fine. You own the car from day 1 and can sell the car at any stage without any issues, should you so wish. Just make sure you get a decent rate, and can definately afford the monthly repayments.

This man speaks the truth. Exactly what I have done

t3h

-westy- · 1 Aug 2006 at 19:25

a clutch and a pair of driveshafts for a 106 will cost about £200! why buy a new car?

Tdh1987 · 1 Aug 2006 at 21:15

I'm not prepared to repair my 106 because I wanted a new car anyway, just means I have to buy sooner than I initially wanted.

z0mbi3 · 3 Aug 2006 at 09:03

How's the credit card application coming along?

Tdh1987 · 4 Aug 2006 at 15:13

I was accepted for a Capital one card, but I'm still waiting for my card. I phoned my bank today and can't offer loans to students.

Can any reccomend another car to look at. Been to see a Xsara VTR, Xsara VTS, Saxo VTR, 306 L HDI and 306 XSI. Are focus's still big money? I want a small/medium hatch.